Articles by Kan Hyeong-woo
Kan Hyeong-woo
hwkan@heraldcorp.com-
Hanwha completes puzzle with DSME takeover
The final puzzle piece for Hanwha Group's ambitions in becoming a global defense company has fallen into place. With antitrust regulators approving the acquisition of Daewoo Shipbuilding and Marine Engineering, the group's business operations now span all three areas of air, land and sea. Hanwha, whose core businesses are its aerospace and defense systems, previously tried to acquire DSME in 2008 with Hanwha Group Chairman Kim Seung-yeon leading the takeover. But the global financial c
Industry April 27, 2023
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Korea, US affirm stronger space alliance
South Korea and the United States have elevated space cooperation, seeking a stronger space alliance as the two countries agreed to join hands for space exploration and space science. “I hope that growing bilateral collaboration in space will also enable the two allies to play a leading role in ensuring that the benefits of space exploration are shared by all people around the world and take the helm in establishing fair and rational principles for the use of outer space,” said Presi
Foreign Affairs April 26, 2023
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SK On invests W470b to bolster domestic R&D
SK On will invest 470 billion won ($352 million) in expanding its domestic research and development capabilities through 2025, the South Korean battery maker said Monday. According to SK On, the company will upgrade its existing R&D foothold in Daejeon, also known as the Institute of Battery Technology, and newly establish a pilot plant for developing next-generation batteries and a global validation center at the same site. Parts of the investment plan have already begun, as the battery mak
Industry April 24, 2023
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Hankook Tire speeds up Chinese expansion
Hankook Tire & Technology said Monday that the South Korean tire maker inked a supply contract with Chinese all-electric vehicle manufacturer Leapmotor, expanding the company’s presence in one of the world’s biggest EV markets. According to the Korean company’s announcement, Leapmotor’s sports utility vehicle C11 will be equipped with Hankook Tire’s Ventus S1 evo3 ev, a high-performance tire specifically designed for EVs. The EV-tailored tire offers optimized fu
Mobility April 24, 2023
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[Test drive] Porsche can make your heart beat faster
Ferry Porsche gave birth to the Porsche 356 ‘No. 1’ Roadster with his team in 1948, breathing life into his dream of the ideal sports car and marking the beginning of one of the most recognized auto brands in the world. The founder of Porsche said, “In the beginning, I looked around and could not find quite the car I dreamed of, so I decided to build it myself." Commemorating the 75th anniversary of the legendary brand’s establishment this year, Porsche has been cond
Mobility April 21, 2023
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Korea eyes W20tr boost for secondary battery sector through 2030
South Korea will invest 20 trillion won ($15 billion) in research and development of secondary batteries for electric vehicles through 2030 to secure global competitiveness, the government said Thursday. "Secondary batteries are among the country’s crucial strategic assets, along with semiconductors. Their importance cannot be stressed enough. Secondary batteries are at the center of the global competition for technological supremacy. It is the power of EVs in times of carbon neutrali
Industry April 20, 2023
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Hanwha’s DSME takeover to be approved next week
Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is nearing its end as South Korea’s Fair Trade Commission is expected to approve the takeover next week. The antitrust regulator on Tuesday sent Hanwha and DSME the examination report over the acquisition and decided to include the report on the agenda for the general meeting on April 26. The examination report includes an opinion to impose corrective measures to ban discrimination against competitors under th
Industry April 19, 2023
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[Beyond Earth] ‘Space can give dreams to children’
Space is not just about new opportunities for future industry, but changing perspectives and presenting challenges and dreams for generations to come, says Paul Yun, a Korean American solar system ambassador for NASA. “What would be wise for Korea is to utilize space to its fullest to bring out every positive factor from it. If space can become a bigger area, not all smart children will be trying to go to medical school. If more children chase space-related dreams, Korea’s space ecos
Technology April 17, 2023
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LG Chem, Huayou Cobalt to build W1.2tr battery material plant in Korea
LG Chem, South Korea’s chemical giant, and Huayou Cobalt, China’s leading cobalt refiner, will invest 1.2 trillion won ($918 million) to build a battery material plant in Gunsan, North Jeolla Province, according to reports Sunday. Citing anonymous industry sources, the reports said the two companies will officially sign the partnership Wednesday to jointly establish a production site for precursors. Precursors are core materials of cathode materials, one of the four critical battery
Industry April 16, 2023
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[KH Explains] Why Hanwha’s DSME takeover has not yet gained approval at home
Hanwha Group’s acquisition of Daewoo Shipbuilding and Marine Engineering is facing a final obstacle, as South Korea’s Fair Trade Commission is yet to give the green light for the high-profile takeover. Since signing a megadeal worth 2 trillion won ($1.53 billion) to buy a 49.3 percent stake in DSME from the state-run Korea Development Bank in December last year, Hanwha, the nation’s seventh-largest conglomerate, has obtained approval from other necessary antitrust authorities o
Industry April 16, 2023
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[KH Explains] NCSoft, Kakao Games clash over copyright infringement
NCSoft and Kakao Games -- two of the biggest game companies in South Korea -- are clashing over the issue of copyright infringement as the companies have taken the case to court. NCSoft filed a lawsuit against XL Games and its parent company Kakao Games with the Seoul Central District Court on April 5, claiming that the game developers’ ArcheAge War imitated the content and system of NCSoft’s Lineage 2M. NCSoft is seeking compensation of 1.1 billion won ($830,000), according to indus
Technology April 13, 2023
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Netmarble, The Sandbox sign metaverse partnership
South Korean game maker Netmarble and global metaverse gaming platform The Sandbox have signed a strategic partnership to enhance gaming content and provide various experiences to players, officials said Wednesday. According to the announcement, The Sandbox will set up a Netmarble intellectual property space within the K-Verse -- a specialized space dedicated to Korean culture and entertainment in the virtual world -- to offer players a chance to immerse themselves in Netmarble’s popular c
Technology April 12, 2023
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Nuri rocket’s 3rd launch set for May 24
The third launch of Nuri, the Korean homegrown space launch vehicle, has been set to take place on May 24, the Ministry of Science and ICT said Tuesday. According to the ministry, the Nuri rocket, also known as the Korean Satellite Launch Vehicle II, will blast off from the launch pad at 6:24 p.m. at the Naro Space Center in Goheung, South Jeolla Province. The preliminary launch period will be from May 25 to 31. The ministry said that the Nuri rocket had completed the process of assembling the f
Technology April 11, 2023
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LS chief vows to expand presence in Europe
LS Group Chairman Koo Ja-eun has completed a nine-day trip to Europe as the South Korean conglomerate looks to expand its presence in the electric vehicle ecosystem of the region. According to LS Group Monday, Koo visited the local production sites of LS Cable & System and Superior Essex in Germany, Poland and Serbia from April 2-9. Koo conducted on-site tours to check the manufacturing processes of copper wires for EVs, battery parts and communication cables during his first overseas trip s
Industry April 10, 2023
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[From the Scene] Han Sung Motor expands service center for Mercedes-Benz owners
Dozens of customers were seen waiting in the lounge of the first floor at Han Sung Motor’s Mercedes-Benz Seongdong Service Center on a Thursday afternoon. About two hours later, only several remained. As the official dealer of Mercedes-Benz cars, it showed Han Sung Motor’s swift customer service for Korean owners of the German luxury brand. “The first keyword is superior customer dedication. Under superior customer dedication, we understand customers’ intricacy, customer
Mobility April 10, 2023
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